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Indian companies are spending more and more time thinking about how to make a positive impact on the world around them, the Economic Times reports.
According to a survey of 185 companies by consulting firm Deloitte, 50% of them say they're "re-evaluating" their corporate social responsibility strategies.
And 25% say they spend more than $100 million a year.
The survey also found that only 28% of companies feel "very prepared" to navigate impact investing, the Times of India reports.
"CSR has evolved from a compliance function to a strategic driver of corporate strategy, now prominently featured on boardroom and investor agendas," says Sumeet Salwan, a Deloitte India partner.
Salwan says companies are starting to realize that CSR is "indispensable component" in India's development narrative.
According to the survey, 80% of companies now see CSR as a "critical element" in their overall strategy.
Companies are looking for new ways to make a positive impact on the world, including through social bonds and pay-for-success models.
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Why Not Lease A Jeans?
Dutch fashion label, Mud Jeans, has launched its Lease a Jeans brand. The jeans are crafted of organic and recycled cotton and are 100% responsibly produced.